Atari 2012 Annual Report Download - page 97

ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
97
7. CASH
(€ thousands)
3/31/2012
3/31/2011
Marketable securities
Cash
347
86
Total
347
86
8. ACCRUALS
(€ thousands)
31-March-2012
31-March-2011
Prepaid expenses
748
205
Bond discounts
14
Bond issue costs
4,060
5,993
Unrealized foreign exchange losses on financial
fixed assets
20,098
36,140
Unrealized foreign exchange losses on receivables
and liabilities
Total accruals (assets)
24,906
42,352
Unrealized foreign exchange gains on receivables
and liabilities
361
1,397
Deferred revenue
-
-
Total accruals (liabilities)
361
1,397
Prepaid expenses consist of operating expenses (royalty fees and insurance).
The €16 million decrease in unrealized foreign exchange losses is primarily due to a diminution in the value of the euro
against the US dollar.
Bond issue costs concern the ORANE bonds issued, amortized over the life of the bonds. The corresponding
amortization expense for the year amounted to €1.9 million.
9. EQUITY
(1) A total of 116 warrants were exercised during the year ended March 31, 2012, resulting in the issue of 138 new shares and
generating proceeds of €0.6 thousand. A further 2,063,058 “2009 warrants” remained outstanding as of March 31, 2012, the
exercise of which could generate additional proceeds of € 8million.
(2) A total of 250,641 ORANE bonds were converted during the year ended March 31, 2012, resulting in the issue of 4,931,296 new
shares and generating proceeds of € 22.3 million.
(3) A total of 223,000 shares have been issued as part of the vesting of 223,000 free shares to Fabrice Hamaide, as permitted by the
16th resolution adopted by the extraordinary shareholder’s meeting of November 15, 2006 which granted to the Board of Directors
full authority to carry out equity issues as required by the vesting of share awards.
(4) In November 2011, as permitted by the September 30, 2011 shareholders meeting, Atari S.A. reduced its capital, not motivated by
losses, by reducing the nominal value of the shares from 1 euro to 0.5 euro. The amount of the reduction, €12.5 million, was
allocated to a premium account and the Company’s bylaws were modified accordingly.
9.1. Common stock
On March 4, 2008, pursuant to a resolution by the Ordinary and Extraordinary Shareholders' Meeting of November 15,
2006, a reverse split of the Company's shares took place with 100 former Company shares with a par value of €0.01
each being replaced by 1 new share with a par value of €1. The old shares were listed on the Euronext Paris market until
September 4, 2008. The shareholders had two years to exchange them for new shares. On March 4, 2010, new shares
not claimed by holders of old shares were publicly sold and the net proceeds from their sale will be placed in an escrow
account with CACEIS Corporate Trust and held there for ten years on behalf of the holders of old shares.
At March 31, 2012, the Company had 29,483,404 common shares outstanding, fully paid up, with a par value of €0.5
each.
All shares are of the same class and may be held in either identifiable bearer (TPI) or registered form, at the holder's
(€ thousands)
Number of
shares
outstanding
Capital stock
Other paid-in
capital
Legal reserve
Retained
earnings
Profit (loss) Total
Shareholders’ equity as of March 31, 2011 24 328 970 24 329 182 719 946 (142 531) (21 772) 43 691
Exercise of 2009 w arrants (1)
138 0 1
Conversion of 2008, 2009 and 2010 ORANE bonds (2)
4 931 296 2 707 22 357
Equity issue as part of free shares (3)
223 000 223 (223)
Reduction of shares' nominal value (4)
(12 517) 12 517
Appropriation of 2011 loss
(21 772) 21 772
Netting of retained earnings and other reserves
Profit (loss) for the year ended March 31, 2012
(46 801)
Shareholders’ equity as of March 31, 2012 29 483 404 14 742 217 371 946 (164 303) (46 801) 21 955